Eyewear in Malaysia

About this Report

EXECUTIVE SUMMARY

Stronger economic (GDP) growth in Malaysia during 2014 managed to help stimulate sales growth of eyewear. Various categories in eyewear such as daily disposable lenses, spectacle frames, spectacle lenses and sunglasses all displayed stronger value growth in 2014 compared to growth in the previous year. Demand is seen to be rising within Malaysia due to stronger disposable income and purchasing confidence resulting from the stronger economic growth.

Fashion-conscious consumers boost demand in eyewear

Consumers in Malaysia who are highly fashion conscious due to international exposure to more fashion trends are showing stronger demand for eyewear products. Several categories of eyewear such as cosmetic contact lenses, spectacle frames and sunglasses are considered as fashion accessories for most Malaysians. Thus it is no longer true that consumers will only wear spectacles if they are required to or due to the eye’s condition. In addition to that, many consumers are purchasing not only one pair but multiple pairs of spectacles, sunglasses and cosmetic lenses since they are using these items to match their daily fashion styles.

International players dominate eyewear in Malaysia

A large number of international players such as Luxottica Group, Hoya Corp, Essilor International and Johnson & Johnson continued to lead sales of eyewear within Malaysia in 2014. These international players distribute a large range of eyewear brands due to specialising in manufacturing eyewear under the licence of their respective brands. Having a diverse portfolio of eyewear brands helped these international companies to see significant sales performance over the review period.

Optical goods stores dominant channel for sales of eyewear

Optical goods stores led sales of eyewear throughout Malaysia and is the major distribution channel for eyewear. Consumers who intend to purchase eyewear, be it contact lenses, spectacles or sunglasses will think of several optical goods stores like Focus Point, Optical 88 and MOG Eyewear as their options. This is because consumers are more comfortable with being able to purchase eyewear products from optical goods stores given the availability of eye examination services and wide range of products in the stores. On top of that, optical goods stores also offer promotional items consistently.

Slower forecast performance expected for eyewear in Malaysia

Slower forecast performance is expected for eyewear in Malaysia throughout the forecast period since economic uncertainties are likely to affect economic performance in the country. Consumers will be even more cautious in spending after the government imposes the Goods and Service Tax (GST) during 2015. Therefore, all these external factors are likely to have a negative impact on sales performance of eyewear in the country over the forecast period, causing a slowdown albeit still positive growth.

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This Euromonitor market report provides market trend and market growth analysis of the Eyewear industry in Malaysia. With this market report, you’ll be able to explore in detail the changing shape and potential of the industry. You will now be able to plan and build strategy on real industry data and projections.